Deltamas kicks off IPO amid challenging market

The Indonesian industrial estate developer is seeking to raise up to $191 million and is offering its shares at a 60% discount to NAV.

Indonesia’s Puradelta Lestari, also known as Deltamas, has decided to go ahead and launch its initial public offering despite mixed feedback from investors and could well be the last deal of size to test the market before the traditionally slow month of August, when many fund managers tend to take their summer holidays.

The industrial estate developer needs money to fund the basic infrastructure, such as roads, electricity and water, as well as residential housing,...